They see natural gas prices about 13 percent less than their previous estimate, dropping to $5.25 per million metric British thermal units in 2011. Long term they see natural gas prices hitting $6.50.

Like other analysts, Credit Suisse likes energy companies with more exposure to oil. Analysts wrote, "We see a better opportunity today in companies that produce mostly gas, but are drilling few gas wells because they have the liquids-prone assets in place to exploit."

EOG was upgraded for that reason, as the brokerage sees them positioned strongly for growth because of their oil shale holdings.

Other natural gas players have been making oil deals as well for the same reason.